The latest report from the nonprofit State Budget Solutions (SBS) estimates Delaware’s outstanding debt to be $14.4 billion. This is four times the state’s current general operating budget of $3.6 billion.
SBS aggregates state government debt (Delaware ranks 7th highest per capita in the nation), unemployment insurance trust fund loans, the current state budget gap, and the unfunded pension and retiree healthcare liabilities.
With below average growth forecast for Delaware’s economy over the long-term, it seems unlikely the state will be able to “out grow” this debt through major increases in revenue. To date no public officials are stepping forward calling for action on this looming debt. Perhaps they are simply content to kick the can down the road to their children and grandchildren. We hope not.
Dr. John E. Stapleford, Director
Center for Economic Policy and Analysis
The Caesar Rodney Institute is Delaware's Only General Public Policy Organization Committed to Protecting Individual Liberties and Preserving Fiscally Responsible and Efficient Government for the Common Good.